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Posted To: MBS CommentaryFor MBS Live members, this recap will largely be a rehash of the day's most recent update which pointed out a consolidative range in force over the past two days. Bond weakened just enough for a small amount of concern earlier today, but a friendly bounce let us know that traders had likely decided on the range for the rest of the day. Here was the chart from that update: And here is a more zoomed in version showing us how the rest of the day has played out (through the 3pm close). The takeaway here is that this week's FOMC events were good enough for token rally in bonds. It is nice to see, though it's still a "safe" move considering it doesn't take us officially back into the previous "post-Brexit" range that dominated most of July and August. Next week...(read more)
Posted To: Mortgage Rate WatchMortgage Rates continued steadily lower today, adding to a string of improvements that brings them to their best levels in more than 2 weeks. Rates have now re-entered the narrow "post-Brexit" range that began shortly after the UK's vote to leave the European Union sent rates plunging toward all-time lows. Our current position is precarious in the bigger picture. Market movements (specifically, bond markets) underlie mortgage rate movement. When it comes to market movements a narrow range like that seen in the wake of Brexit is typically followed by a more convicted move in one direction or the other. The direction tends to be that of the first major break of the range. Because the first major break was toward higher rates, we could say that markets are "breaking the rules" if rates now attempt...(read more)
Posted To: MND NewsWireRefinancing jumped to 43 percent of all loans originated in August, a 6 percentage point higher share than in July. Ellie Mae's Origination Insight Report says this takes the refi share back to a level last seen in March. The share of all loans closed during the month with FHA backing slipped three percentage points to 20 percent with conventional financing increasing by that amount to a 68 percent share. The VA share was unchanged from the previous month at 9 percent. The mix of conventional loans shifted to reflect the surge in refinancing. Those loans rose from 47 percent of all conventional loans in July to 54 percent. The average time to close all loans remained steady at 46 days for the third consecutive month. The time to close a refinance decreased by two days to 46 days while the purchase...(read more)